An Overview of Personal Loans

With the economy in such dire straits, many people are looking to different types of loans to take care of their bills while searching for second jobs. Personal loans are loans made directly to the borrower from a bank or lending house. Covering everything from medical bills to credit cards to student loans, these loans are helping people get what they need, when they need it. While there are many different types of personal loans, the can all be categorized as one of two different types: secured and unsecured. Which type of loan you get is dependent on what you will be using the money for. Some loans are available in both secured and unsecured options, while others are only found as one or the other.

Secured personal loans are provided by specific lenders, and have their repayment secured by a physical item. This is how they get their classification. The two most common types of secured loans are home mortgages and car loans. The loans are made specifically for a single purchase. This purchase is repaid in set amounts every month over the length of the loan. If payments are ceased, the lender repossesses the item – the car or the house – in lieu of payment. In contrast, Unsecured Personal Loans are the more common and the more recognizable. Unsecured loans cover a vast majority of ground, from store lines of credit to student loans to medical bills. Once these loans are issued, they can be used for a range of items and services. In addition, many unsecured loans have variable interest rates that can change monthly or annually.

For people who need extra money to pay for a car or a college education, personal loans are available to help fund their needs lenders are available for all credit situations.

When can employers check your credit?

Your credit history can have a significant impact on things that have nothing to do with loans and credit cards. Companies often request to see your credit history when you set up utilities for your home, apply for an apartment, request an insurance quote or apply for a job.

That last one makes a lot of people nervous -- what does someones credit history have to do with whether or not theyd make a good employee? In many cases, it has nothing to do with it, which is part of the reason most hiring mangers dont do employee credit checks, according to a survey from the Society for Human Resource Management. In 2012, when the group most recently surveyed hiring managers on the topic, 53% of organizations...

Applying for reverse mortgages will get tougher

Reverse mortgages always have been different: Theyre available only to those 62 and older who have equity in their homes that they want to convert into cash. There are no repayments required until the borrower sells the house, moves out or dies. Loan recipients main responsibilities are to keep current on local property taxes, pay hazard insurance premiums and keep the place in reasonable condition.

The Federal Housing Administration has run the dominant insured reverse mortgage program in the country for three decades and has been relatively easygoing when it comes to underwriting. If you qualified on age and equity, youve pretty much had a good shot at getting a loan.

Raiffeisenbank extended 1600 mortgages worth CZK 3.2bn

Raiffeisenbank extended almost 1,600 mortgages worth CZK 3.2bn to its clients in Q1 2015, up 18% for the no. of extended loans and 22% for the total financial value. The average mortgage exceeded CZK 2m. Product manager Jan Bures has stated that almost half of the mortgages are arranged with five-year fixation terms. The share of three-year fixations dropped to 28.5% and the share of variable interest rates decreased to 3.5%.


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Lenders report Q1 demand drop: BoE

Demand for secured lending for house purchase fell significantly in the first quarter, for the third successive quarter, but was expected to increase in the second quarter, according to the Bank of England.

The credit conditions survey revealed that the fall in demand was significant in prime lending, where the net percentage balance was the lowest since the third quarter of 2008.

Some lenders attributed the reduction in secured lending demand over recent quarters to a combination of changes in regulatory policy, concerns about housing affordability and uncertainty about the outlook for the housing market.

Similarly, demand for secured lending for remortgaging also fell...

Williams Mullen Welcomes Corporate Finance Attorney Otto W. Konrad

RICHMOND, Va., April 14, 2015 (GLOBE NEWSWIRE) -- Williams Mullen is pleased to announce that skilled Corporate Finance attorney Otto W. Konradhas joined the firm from Kaufman Canoles as a Partner in the Richmond office.

Mr. Konrads practice focuses on finance, corporate law, mergers and acquisitions and commercial real estate. He can help companies obtain the capital they need to grow their business through expansions, mergers and acquisitions, commercial finance and more. He has worked with large companies through the acquisition, financing, development and expansion of their businesses and has represented clients in expansions of as much as $250 million. Mr. Konrad also has extensive...

Few Canadian Mortgage Holders Have Fully Read & Understood Their …

TORONTO, ON--(Marketwired - April 15, 2015) - Just one-in-three (33%) Canadian homeowners with a mortgage have read their entire mortgage agreement according to the 2015 Scotiabank Mortgage Poll. Of those who have read at least some of their mortgage agreement, only 27% understood all of the details in the agreement. 

The poll also indicates that more than eight-in-ten Canadian homeowners and prospective owners (84%) consider competitive interest rates as the most important factor to selecting a mortgage. The next most important factors indicated were flexibility to repay the mortgage at any time without penalty (63%) and prepayment privileges without penalty (60%).


Why not belly dance in the library?

Here is my email address mtcoombs@mcarthur.lib.

There are probably some gasps out there. My email is readily available on the library website, so I am going to take my chances. Heres the thing, I love libraries. Since 1993 Ive spent most of my life in them surrounded by books and fantastic people. Arent I lucky? Well, citizens of Biddeford, you are too. McArthur Library exists for one main reason, to provide services to the community of Biddeford. And what a fantastic community.

Now I am going to tell you about four cool things that are coming up at your library. Please read to the end of the article, there is a method to my madness.

 Free Film Friday. The last...

Strong Business Credit Can Help You Win Supplier Contracts

Landing a supplier contract can jump-start your business--helping it grow and moving your products or services into new markets. However, as many businesses learned, getting those contracts can be tougher than you think. There is a lot that goes on behind the scenes when a business is deciding with which company it should contract and, many times, business owners never learn why they were passed up for a supplier contract. Fortunately, there are ways to help influence how your business is perceived during this crucial decision time.

One important way is to closely monitor and manage your business credit file. There are several companies that create business credit profiles for companies,...

Did Subprime Mortgages Just Get Started Again?

In a rare instance when you might have seen think tankers of The Cato Institute hand and hand with Occupy Wall Street protestors, many of whom were homeless people just looking for a cause, members of the powerful coalition of the NAR (National Association of Realtors), successfully lobbied the House of Representatives to pass a bill this Tuesday that makes it easier for lenders to lend money with less restrictions. On a positive note, at least Code Pink was there in their Susan Komen inspired T-shirts.

This does not bode well for the morally and conservative far right who believe less restrictive lending practices will lead to a repeat of the 2008 real estate crisis. If one where...

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